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$8.8m '58 Ferrari 250 GT California Spider highlights RM's Arizona auction

All manner of vehicles change hands at the annual auction extravaganza in Arizona, but never has one sold for as much as the Ferrari you see here. The car in question is an (obviously) eminently desirable 1958 Ferrari 250 GT LWB California Spider, one of only 50 ever made and purring onto the stage in flawless red over black livery with matching numbers of the coveted covered headlights straight from the factory.
When we reported on the car's consignment in anticipation of this weekend's sale, it was expected to bring in between $7 and 9 million - and it's done just that, coming in near the top of its valuation with a winning bid of $8.8 million. That makes for a lot of zeros, but while it set a new record for the Arizona auctions, it hardly makes it the most expensive in the world. That honor still belongs to the Mercedes-Benz W196 that sold last summer for nearly $30 million. Nor is it the most expensive Ferrari ever sold at auction, an honor which still belongs to the 250 Testa Rossa that sold for over $16 million in 2011. Heck, it's not even the most expensive 250 California ever sold, coming in behind the SWB example that sold for nearly $11 million in 2008. All of which only goes to show just how insane the collector classic car market has grown in recent years.
The California was undeniably the highlight of RM's two-day sale, but was joined by several other seven-dollar lots, including a 1961 Porsche 718 ($2.75 million), a Ferrari 250 GT Lusso ($2.44 million), a Duesenberg Model J convertible ($2.2 million) and several other million-dollar Ferraris, Mercedes and a '35 Hispano-Suiza. A 1961 Chaparral 1 failed to reach its reserve price despite a high bid of $1.75 million, neither did a 1966 Porsche 906 Carrera 6 at $1.18 million or a Ferrari 275 GTB/4 at $2.85 million. RM Auctions did, however, manage to sell 85 percent of those lots consigned to bring in a massive two-day total of $45.56 million in sales, details of which you can read in the press release below.

One-off '65 Ferrari 330 Shark Nose for auction in Scottsdale

Russo and Steele has a unique Ferrari going up for auction next month in Scottsdale, AZ. The vehicle in question is a 1965 Ferrari 330 GT 2+2 – the fastest grand touring Prancing Horse of its day – but fitted with a unique shark-nose front end. This one-of-a-kind Ferrari been comprehensively restored and has remained under American ownership since its creation. Chassis number 6,537 GT (with matching engine number) was delivered new by Ferrari's longtime North American importer Luigi Chinetti to John W. Mecom Jr. – a Texas oil baron, founding owner of the New Orleans Saints, noted car collector, and racing enthusiast. The Series I coupe arrived in a rare combination four-speed overdrive transmission and rare quadruple headlights, in dark blue with tan leather interior. Mecom subsequently had it sent back to Italy and fitted with the new front end you see here. The coachbuilt 330 was subsequently sold to owners in Georgia and Kentucky, and along the way was repainted in metallic red. The car disappeared into storage for many years before re-emerging in 2007. It then underwent a comprehensive restoration at Ferrari of Washington, where it was stripped and refinished in the original blue. The process also saw the interior reupholstered, the brightwork replated, and the original Borrani wheels fitted with fresh rubber. It has now been consigned to Russo and Steele to be auctioned in Scottsdale at the end of January. Ferrari 330s generally sell for much less than their 250-series predecessors, fetching prices in the hundreds of thousands – not millions. This particular auction house does not typically published pre-sale estimate figures, however when reached for comment by Autoblog, spokesman Darin Roberge revealed: "we expect this amazing, one of a kind automobile to cross six figures several times over." Highly Exotic, One Off 1965 Ferrari 330 GT "Shark Nose" with Important Ownership History to Cross the Block at Russo and Steele's 2016 Arizona Auction Event Scottsdale, Arizona (December 1st, 2015) – Combining avant-garde Pininfarina styling with outstanding V-12 performance, Ferrari's 330 GT 2+2 was a comfortable 2+2 model and while following in the footsteps of the prior 250 GTE 2+2, the 330 GT 2+2 upped the ante on performance and set new standards for comfortable, high-speed motoring pleasure for up to four with its 50-millimeter wheelbase extension.

Here's how wildly expensive it is to participate in F1

The cost of competing in Formula One racing is extremely high. Not in the physical and lifestyle sense, although that too takes a major toll on each team and driver, but in a literal hand-over-the-cash sense. Each F1 team pays hundreds of thousands of dollars to enter, plus a fee for every single point the team earned in the previous season. Motorsport.com recently detailed just how absurdly pricey entering the F1 field is. According to the piece, the price of entry goes up each year due to the U.S. Consumer Price Index. For 2019, the entry fee is $546,133, and it doesn't stop there. There are additional dues required of each team based on where the team finished in the previous season. Interestingly, the winners pay more. For example, Mercedes-Benz, the constructor champion for the past five years, must pay $6,553 per point it scored in 2018. With 655 points scored, that's $4,292,215. All other teams must pay $5,459 per point. For a full rundown of what the teams will be paying for 2019, check out the full article here.Related Video: